AmeriTrust Financial Technologies (AMT) Q4 2023 earnings summary

Executive summary

• Reported 2023 annual results with revenue primarily from servicing lease contracts.

• Maintained a disciplined approach to cost management amid declining revenues.

Financial highlights

• Q4 2023 revenue fell to $975,711 from $2,054,728 in Q4 2022; full-year 2023 revenue was $2,867,351, down from $12,255,161 in 2022.

• Q4 2023 gross profit was $654,340 versus a loss of $5,632,811 in Q4 2022; full-year gross profit was $733,987, down from $1,468,630.

• Net loss for 2023 was $21,773,865, compared to a net loss of $24,802,073 in 2022.

• Adjusted EBITDA for 2023 was $(14,087,710), compared to $(7,602,239) in 2022.

• Cash on hand at year-end 2023 was $1,937,182, down from $10,299,414 at year-end 2022.

Key financial ratios and metrics

• Significant year-over-year decline in revenue and cash position.

• Adjusted EBITDA and net loss both worsened compared to the prior year.